NCB, FSB New York Originates Over $48 Million in New Financing during June

NCB, FSB New York Originates Over $48 Million in New Financing during June

New York, NY (July 13, 2010) — NCB, FSB, a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged over $48 million in new loan originations during the month of June for 19 local properties.Edward Howe III, Managing Director of the NCB, FSB New York office, made the announcement.

“The summer is off to a great start with loan originations happening at a brisk pace. In the past two months alone, the New York office has arranged nearly $110 million in new financing for properties throughout the Tri-State area,” said Mr. Howe. “As the city’s housing market continues to show signs of improvement, more Boards are arranging funds to meet a variety of needs to ultimately enhance the value of their properties for years to come.”

Mr. Howe arranged $11 million in new loan activity including a $3.3 million first mortgage and a $500,000 line of credit for Wesley House, Ltd., a72-unit co-op located at 10 Old Mamaroneck Road in White Plains, NY; a $2.7 million first mortgage and a $500,000 line of credit for a 108-unit co-op located at 360 Cabrini Boulevard in Manhattan; a $2.6 million first mortgage for The Southview Owners Corp., a 111-unit co-op located at 90-11 35th Avenue in Elmhurst, NY; a $750,000 line of credit for Fairfield Owners Corp., a 61-unit co-op located at 640 West 231st Street in Riverdale, NY; and a $700,000 line of credit for North Broadway Estates, Ltd., a 54-unit co-op located at 309 North Broadway in Yonkers, NY.

NCB, FSB Senior Vice President Mindy Goldstein arranged over $20 million in new loans during June, including the largest deal of the month a $9.1 million first mortgage and a $500,000 line of credit for a 165-unit co-op located at 80 Central Park West in Manhattan. She also originated a $5.6 million first mortgage and a $500,000 line of credit for Two Charlton Owners Corp., a 175-unit co-op located at 2 Charlton Street in Manhattan; a $2.5 million first mortgage and a $250,000 line of credit for a 33-unit co-op located at 207 East 21st Street in Manhattan; a $600,000 first mortgage and a $300,000 line of credit for Gramercy Equities Corp., a ten-unit co-op located at 35 East 20th Street in Manhattan; a $500,000 first mortgage for 431 Broad West Corp., a ten-unit co-op located at 429-431 West Broadway in Manhattan; a $350,000 first mortgage and a $50,000 line of credit for a six-unit co-op located at 36 West 87th Street in Manhattan; and a $195,000 first mortgage for an eight-unit co-op located at 268 Berkeley Place in Brooklyn, NY.

NCB, FSB Senior Vice President Sheldon Gartenstein arranged $16.9 million in new financing during the month including a $4 million first mortgage and a $250,000 line of credit for a 94-unit co-op at 241 East 76th Street in Manhattan; a $3 million first mortgage and a $500,000 line of credit for a 134-unit co-op located at 310 East 70th Street in Manhattan; a $2.7 million first mortgage for an 84-unit co-op located at 120 Bennett Avenue in Manhattan; a $2.2 million first mortgage and a $150,000 line of credit for a 65-unit co-op located at 66-92 Selfridge Street in Forest Hills, NY; a $2 million first mortgage for an 81-unit co-op located at 229 East 28th Street in Manhattan; a $1.1 million first mortgage and a $200,000 line of credit for 47th Avenue Manor Inc., a 48-unit co-op located at 41-16 47th Avenue in Sunnyside, NY; and a $650,000 first mortgage and a $200,000 line of credit for a 16-unit co-op located at 186 East 2nd Street in Manhattan.

As a full-service financial institution, NCB, FSB provides term loans, lines of credit, commercial and residential mortgages and personal and business banking products to cooperatives nationwide. NCB, FSB offers an array of business banking products for cooperatives including cash management, competitive deposit rates and full service payment processing and lockbox.

About NCB:

NCB is dedicated to strengthening communities nationwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development. Headquartered in Washington, DC, the Bank has offices in Alaska, California, New York, Ohio and Virginia. To learn more, visit www.ncb.coop, NCB Financial Group on Facebook, or on Twitter at coopbanking.

NCB Financial Group (NCB) consists of National Consumer Cooperative Bank, a federally chartered cooperative corporation; its wholly-owned subsidiary NCB, FSB, a federally chartered savings bank; and, NCB Capital Impact, a 501(c)3 nonprofit affiliate. Loans and other financial services are provided by NCB, FSB and NCB Capital Impact. Deposit products and services are provided by NCB, FSB, which is a member FDIC. Each is a separate corporation within the NCB Financial Group.